Housing View – June 23, 2023

On cross-country:

  • Better Housing Policies in the Post-COVID-19 Era – OECD
  • Madrid’s Rising Property Prices Threaten a Housing-Market Crunch. Spanish capital bucks trend of sliding prices in other cities. Impact of tight supply is also evident in London, Stockholm – Bloomberg

On the US—developments on house prices, rent, permits and mortgage:    

  • US Single-Family Rent Growth Continues Yearlong Descent in April, CoreLogic Reports – CoreLogic
  • US Housing Starts Surge Most Since 2016, Exceed All Estimates. Beginning construction jumped 21.7% to 1.63 million pace. May starts of single-family dwellings highest in 11 months – Bloomberg

On the US—other developments:    

  • Today’s Rate Hikes Threaten to Push Up Tomorrow’s Housing Costs. Fewer builders are starting new homes amid high prices for materials and loans, threatening housing shortages – Wall Street Journal
  • The State of the Nation’s Housing 2023 – Joint Center for Housing Studies
  • US homebuilders: new construction a rare bright spot in real estate gloom. While sales of previously owned homes are down, prices have held steady – FT
  • 3rd Look at Local Housing Markets in May Calculated Risk
  • Lawler: Early Read on Existing Home Sales in May – Calculated Risk
  • Economic, Housing and Mortgage Market Outlook – June 2023 – Freddie Mac
  • Some More Good News for Homebuilders – Calculated Risk
  • America’s housing shortage is keeping home prices high – Axios
  • America’s housing tailwind – Axios

On China:

  • China Home-Price Growth Weakens as Housing Recovery Falters. New home prices rose 0.1% in May, slowest pace in four months. Slowdown comes as policymakers consider stimulus package – Bloomberg

On other countries:  

  • [Australia] Australian PM pledges $1.4 billion for affordable homes – Reuters
  • [Canada] Canada’s housing data shows recovery accelerating before rate hike – Reuters
  • [New Zealand] Where Housing Prices Have Crashed and Billions in Wealth Have Vanished. In New Zealand, high interest rates have sent property prices sliding nearly 18 percent since November 2021. – New York Times
  • [Sweden] Europe’s Worst Housing Market Shows Signs of Life – Bloomberg
  • [Switzerland] Swiss Flats Up to 40% Pricier Than What Fundamentals Signal – Bloomberg
  • [Turkey] Turkish property prices are soaring. A crazy interest-rate policy is mostly to blame – The Economist
  • [United Kingdom] What steps could government take to help mortgage borrowers? As interest rates rise, cash-strapped households need speedy solutions to meet monthly payments – The Guardian
  • [United Kingdom] Average mortgage rate for two-year fixed deal edges closer to 6%. Nationwide is latest lender to lift cost of deals as borrowers brace for 13th successive Bank of England interest rate rise – The Guardian
  • [United Kingdom] Two of UK’s biggest lenders to raise mortgage rates. Pressure mounts on government struggling to contain cost of living crisis as NatWest and Nationwide push up cost of borrowing – FT
  • [United Kingdom] The great British mortgage squeeze. Regaining control over inflation is the best way to support homeowners – FT
  • [United Kingdom] First-time buyers struggle as mortgage products cut by 40%. Rising interest rates prompt lenders to clamp down on borrowers with small deposits – FT
  • [United Kingdom] Mass UK house repossessions unlikely despite soaring mortgage rates. Regulatory reforms, increased levels of equity and fixed deals should protect many homeowners – FT

Posted by at 5:00 AM

Labels: Global Housing Watch


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